VANCOUVER, BC,
Feb. 16, 2022 /CNW/ -
Libero Copper & Gold
Corporation (TSXV: LBC) (OTCQB: LBCMF) (DE: 29H) is pleased to
report that it has commenced drilling on its Mocoa porphyry
copper-molybdenum project. The phase 1 program planned for 5 holes
for a total of 5,000 metres is being drilled by Kluane Drilling using a KD-1000, a modular and
highly portable drill rig that can reach depths over 1,200 metres.
Many of the holes have been designed to fulfill multiple
objectives, including resource expansion, infill drilling,
metallurgical work, and testing proximal exploration targets.
"Collaring the first drill hole is a substantial milestone in
Libero Copper's advancement of the
Mocoa Project and marks the commencement of an ambitious geological
program. Already Columbia's largest copper deposit, drilling will
further test the extent of the deposit, expand higher grade zones,
upgrade the resource, and assess new exploration targets," comments
Ian Harris, President & CEO.
"Since January 2021 our team's
primary focus has been establishing a transparent and collaborative
operating environment to maximize local benefit and minimize
impacts. Our focus on ESG criteria and standards has been and will
be key to unlocking the value of Mocoa through social,
environmental, governance and geological development. This first
drill hole is a testament to the incredible progress the team has
made so far."
The first hole for the phase 1 program is diamond drill hole
MD-043. The hole is designed to test the Blank Zone between
the high-grade core of the Mocoa deposit, that plunges to the
northeast, and a high-grade intercept in drill hole M25 (see Figure
1) that is below the current pit constrained resource.
Corporate Social Responsibility Update
Libero Copper has undertaken an
ambitious and comprehensive corporate social responsibility
approach to the Mocoa project, well in advance of the company's
first drill hole for the project. The program focused on open and
transparent communication before beginning activities. This has
allowed the incorporation of local knowledge in our work programs,
maximizing the benefits of local content early in the project
development and created a grassroots platform for mutual
development. The programs were developed off the foundation of
Libero's core values, responsibility, and mutual respect, and under
an operating philosophy of being a "Good Neighbor". The goals of
the program are to maximize the benefit and minimize the local
impacts at every stage of the Mocoa Project.
Communication Program
Before the start of drilling activities, the Libero team engaged
in a "Participative Exploration" communications program including
dialogue and workshops with over 4,817 individuals in Mocoa, the
capital of Putumayo with approximately 50,000 inhabitants 10
kilometers to the south of the project. Overall goals of the
program were listening, candid conversation and co-creation,
updating work plans and CSR programs incorporating local knowledge
and feedback and building a framework for maximizing the benefit of
local content. The programs focused on communicating in advance of
any significant company activities, with detailed explanation of
the work plans and objectives, and educating on their
purpose. The communication program included local
institutions, 45 community action boards of the 112 neighborhoods
in the entire municipality, indigenous communities, and 534 1-on-1
meetings. In addition to dialogue and workshops, the program was
also supported by an ongoing weekly radio corporate program,
significant presence on social media and chat platforms, and an
open-door policy at Libero's office in Mocoa.
"The thinking of Libero, and how we approach building social
trust, has been a tremendous success at Mocoa in developing a
collaborative environment for Mocoa's exploration and future.
Recent "Good Neighbor" workshops in Montclar, the neighborhood
closest to our project area, recently had 96% participation. This
is helping in establishing Libero as a participant in the
community's development and direct planning of our work plans
adding significant local knowledge," comments Thyana Alvarez,
Director of Corporate Relations and CSR. "It is not a goal or a
policy, but a commitment from every employee, starting before the
beginning of exploration, to pro-actively seek and to grow
together. Integration into the project based on authentic
relationships. Success to date is attributable to the working
environment in the company where all employees participate in
finding ways of maximizing the benefit of local content."
On a regional and national level in Colombia, Libero maintains open communication
with Ministry of Mines and Energy, National Mining Agency, and the
Government of Putumayo to ensure alignment of the project with the
government's goals and approach to responsible mining. The Mocoa
project, as the largest copper resource in Colombia, is a project of regional priority
and included in the governments pathway to diversify the mining
sector and supporting its energy transition and decarbonization
plans.
Local Content
Libero has made a concerted effort to maximize the benefit of
local content through employment tied to professional development
and training programs that bridges capacity gaps, and working with
contractors, and providers, that share Libero's commitment. Today,
as drilling is starting, Libero has 89 employees of which 87% are
from Mocoa and 100% are from Colombia. This includes professional staff
from Mocoa such as geologists, project engineers, human resources,
administration, safety, logistics, social, environmental, and
forestry management. Libero's entire professional staff is also 66%
female.
Libero is working with over 46 local providers, which despite
the pre-drilling stage of investment, indirectly supports 331
individuals locally. Libero also focuses not just on local service
providers but building capacity together to support growing project
investment and maximizing local content and inclusivity.
Multiple standouts of the program include:
- 100% of all personal protective equipment sourced locally,
including the first safety boots manufactured in Mocoa (see Photo
7), starting with just 6 pairs, but has now grown to 124, with
plans to improve quality through microloans for capital investment
and increasing the local content of fabrication materials.
- 100% of all food, including camp operations, are sourced
locally, including the "From the Farm" program that now includes
direct purchasing from 5 farms.
- 100% of all employee uniforms and work clothes are designed,
customized, and manufactured in Mocoa.
Now that exploration drilling has started at Mocoa, Libero is
working on local supplies, consumables, and maintenance by building
and growing local capacity in parallel with project
growth.
National Alliances and ESG
Libero to date has already signed multiple framework agreements
with universities and institutions for independent oversite,
investigation, and research in Colombia. In addition to
supporting programs for natural hazard risk management including
reforestation programs of real impact in Mocoa.
In addition, Libero is a signatory to the Pacto Global Red
Colombia (Global Compact Network Colombia) of the UN Global
Compact, adhering to and reporting on its 10 principals including
the areas of human rights, labour, environment, and
anti-corruption, and the commitment to support the sustainable
development goals of the compact through inclusive benefits
locally.
Engagement of Investor Relations Firm and Grant of
Options
Libero Copper has engaged
DesVoeux Guilford LLC, to provide strategic and corporate advisory,
investor outreach, and business development services. Under the
terms of the agreement, Libero will pay $15,000 USD per quarter for an initial one-year
term. Libero Copper has also granted
200,000 options with a five-year term on February 15, 2022 at an exercise price of
C$0.50. The options will vest in
tranches of 25% per quarter over a period of one year and remain
subject to the approval of the TSX Venture Exchange.
About the Mocoa Porphyry Copper-Molybdenum
Deposit
The Mocoa deposit is located in the department of Putumayo, 10
kilometres from the town of Mocoa. It was discovered in 1973 when
the United Nations (UN) and the Colombian government conducted a
regional stream geochemical survey. Between 1978 and 1983, an
exploration program was carried out that consisted of geological
mapping, surface sampling, ground geophysics (IP, magnetics), 31
diamond drill holes totaling 18,321 metres, and metallurgical test
work cumulating in a positive pre-feasibility study. B2Gold
subsequently executed diamond drill programs in 2008 and 2012.
A pit constrained inferred resource at Mocoa contains 636
million tonnes of 0.33% Cu and 0.036% Mo, containing 4.6 billion
pounds of copper and 511 million pounds of molybdenum. Mocoa is
open in both directions along strike and at depth. Additional
porphyry surface targets have been identified and are planned to be
drilled during 2022.
The Mocoa deposit is situated in the Eastern Cordillera of
Colombia, a 30-kilometre-wide
tectonic belt underlain by volcano-sedimentary, sedimentary
and intrusive rocks that range in age from Triassic-Jurassic to
Quaternary, and by remnants of Paleozoic metasediments and
metamorphic rocks of Precambrian age. This belt hosts several other
porphyry-copper deposits, such as Mirador (438 million tonnes
measured and indicated at 0.61% Cu and 235 million tonnes inferred
at 0.52% Cu)1, San Carlos (600 million tonnes inferred
at 0.59% Cu)2, Panantza (463 million tonnes inferred at
0.66% Cu)2, and Solaris' Waritza, located in
Ecuador.
Copper-molybdenum mineralization is associated with a dacite
porphyry intrusion of the Middle Jurassic age that are emplaced
into andesitic and dacitic volcanics. The Mocoa porphyry system
exhibits a classical zonal pattern of hydrothermal alteration and
mineralization, with a deeper central core of potassic alteration
overlain by sericitization and surrounded by propylitization.
Mineralization consists of disseminated chalcopyrite, molybdenite,
and local bornite associated with multiphase veins, stockwork, and
hydrothermal breccias. The Mocoa deposit is roughly cylindrical,
with a 600 metre diameter, high-grade copper-molybdenum
mineralization continues to depths in excess of 1,000 metres.
__________________________
|
1
Technical Report: "Mirador Copper-Gold Project 30,000 TPD
Feasibility Study" dated effective April 3, 2008
|
2
Technical Report: "Preliminary Assessment Report Panantza & San
Carlos Copper Project" dated effective October 30, 2007
|
About Libero Copper &
Gold
Libero Copper is unlocking the
value of a collection of porphyry copper deposits throughout the
Americas in prolific and stable jurisdictions. The portfolio
includes Big Red (a new grassroots discovery) and Big Bulk in the
Golden Triangle, Canada; Esperanza
in San Juan, Argentina; and Mocoa
in Putumayo, Colombia. These
assets are advanced by a highly disciplined and seasoned
professional team with successful track records of discovery,
resource development, and permitting in the Americas.
Thomas Mumford, Ph.D., P.Geo, a
qualified person under National Instrument 43-101, has reviewed the
technical information contained in this news release on behalf of
Libero Copper.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release includes
forward-looking statements that are subject to risks and
uncertainties. All statements within, other than statements of
historical fact, are to be considered forward looking. Although
Libero Copper believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions and
regulatory and administrative approvals, processes and filing
requirements. There can be no assurances that such statements will
prove accurate and, therefore, readers are advised to rely on their
own evaluation of such uncertainties. We do not assume any
obligation to update any forward-looking statements.
SOURCE Libero Copper & Gold
Corporation.